EX-12.1 3 pva-20151231xex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
Penn Virginia Corporation and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)

 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$
(1,588,332
)
 
$
(541,270
)
 
$
(220,766
)
 
$
(173,291
)
 
$
(221,070
)
Fixed charges
122,505

 
121,608

 
97,903

 
66,616

 
62,002

Capitalized interest
(6,288
)
 
(7,232
)
 
(5,266
)
 
(803
)
 
(1,983
)
Preferred stock dividend requirements
(22,866
)
 
(22,661
)
 
(10,647
)
 
(2,793
)
 
—

 
$
(1,494,981
)
 
$
(449,555
)
 
$
(138,776
)
 
$
(110,271
)
 
$
(161,051
)
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
90,951

 
$
88,831

 
$
78,841

 
$
59,339

 
$
56,216

Capitalized interest
6,288

 
7,232

 
5,266

 
803

 
1,983

Rent factor
2,400

 
2,884

 
3,149

 
3,681

 
3,803

Preferred stock dividend requirements
22,866

 
22,661

 
10,647

 
2,793

 
—

 
$
122,505

 
$
121,608

 
$
97,903

 
$
66,616

 
$
62,002

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred stock dividends 1
—
 
—
 
—
 
—
 
—
 
 
 
 
 
 
 
 
 
 
1 During 2015, 2014, 2013, 2012, and 2011, earnings were deficient by $1,617,486, $571,163, $236,679, $176,887 and $223,053, respectively, regarding the coverage of fixed charges and preferred stock dividends.